HSBC, Macquarie, Suncorp and UBank latest lenders to respond to RBA cut

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure
australian-suburban-street

It’s been three days since the Reserve Bank reduced the official cash to a new low of 0.10%, yet the response from home loan lenders could be described more as trickle than a flood.

That’s not to say that we haven’t had any announcements. The big four banks have all indicated how much they’ll be adjusting home loan rates - though as expected, cuts to fixed rate offers have largely outweighed changes to variable loans.

And in the last 24 hours, a handful of Australia’s other larger lenders have all weighed in on the RBA’s latest cut. 

Online lender UBank, which is a subsidiary of NAB, made an announcement at lunchtime today that it would be making changes to both variable and fixed rate home loans.

Variable rates for new and existing customers will be cut by 15 basis points on November 29, meaning UBank’s UHomeLoan - Discount Offer for owner occupiers with an LVR of 80% will drop to 2.34% (2.34% comparison rate*).

UBank also revealed that it will be dropping the 3-year rate on its UHomeLoan (Fixed) offer for owner occupiers by 19 basis points to 1.95% (2.36% comparison rate*) from November 13.

“We are pleased to be offering these rate cuts to both our fixed and variable home loan customers at a time when Australians need some extra financial assurance,” said UBank executive, Philippa Watson.

“This is an historic announcement for UBank, as it is the first time in our bank’s history that we’ve announced a home loan rate that begins with a one, and we want our customers to know we will continue to find ways to support them through these challenging times."

HSBC, Macquarie Bank and Suncorp also recently announced cuts which will take their respective fixed loan rates to new lows, though none of the three lenders will be adjusting variable rates - at least, for now.

Macquarie’s rate reductions, which come into effect from November 11, range from 10 basis points for 1, 2 and 3-year fixed loans to 25 basis points for 4 and 5-year loans. That means the 2-year Basic Home Loan (Fixed) rate will drop to 2.09% (2.43% comparison rate*).

HSBC will also be reducing its 2 and 3-year fixed rates for new owner occupier and investor borrowers from November 19, meaning the 2-year Fixed Rate Home Loan (Premier) rate will drop to just 1.88% (2.98% comparison rate*).

Finally, Suncorp also announced a new record low 2-year fixed offer. Available from November 19 for owner occupier borrowers, the 2-year rate on the Fixed Home Loan (Home Package Plus) will be 1.89% (though Suncorp is yet to release the new comparison rate).

RELATED: November RBA cut: Which banks have cut home loan rates?

Ready to take advantage of the recent rate cuts to refinance your mortgage to a better deal? Check out some of the great offers in the table below, or head on over to our dedicated home loan comparison table for even more loans.

Refinance home loans - last updated 19 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Go to site
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    Go to site
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.13% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Go to site
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Go to site
    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

    Compare
    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.